HousingWire, Sept. 21, 2020A report from the Mortgage Bankers Association’s Research Institute for Housing America that indicates in the second quarter of 2020, close to 11 million households fell behind …
Category: Top National News
The 2020 Refi Wave: Where Activity is Strongest, Where It’s Not and What’s Ahead
HousingWire, Sept. 21, 2020–Mike FratantoniMBA Chief Economist says MBA expects a near 17-year high for refis in 2020, but the market may be cresting.https://www.housingwire.com/articles/pulse-the-2020-refi-wave-where-activity-is-strongest-where-its-not-and-whats-ahead/
Fed Plan to Reform CRA at Odds with OCC Rule
American Banker, Sept. 21, 2020–Hannah Lang (subscription)The central bank’s proposal to overhaul the Community Reinvestment Act differs markedly from the OCC’s regulation in testing, data collection and other areas.https://www.americanbanker.com/news/fed-plan-to-reform-cra-at-odds-with-occ-rule
Ginnie Mae to Bar Libor-Based Loans from Pools
National Mortgage News, Sept. 21, 2020–Bonnie Sinnock (subscription)Government mortgage-bond insurer Ginnie Mae will restrict the pooling of certain adjustable-rate mortgages ahead of plans to phase out Libor at the end …
Weak Contract Language Could Lead to Post-Libor ARM Securities Losses
National Mortgage News, Sept. 18, 2020–Brad Finkelstein (subscription)Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.https://www.nationalmortgagenews.com/news/weak-contract-language-could-lead-to-post-libor-arm-securities-losses
Millions Are House-Rich but Cash-Poor. Wall Street Landlords Are Ready.
Wall Street Journal, Sept. 18, 2020–Ryan Dezember (subscription)Hardships caused by the coronavirus pandemic are likely to force a lot of sales and create new renters. (MBA mention)https://www.wsj.com/articles/millions-are-house-rich-but-cash-poor-wall-street-landlords-are-ready-11600421401?
Government Mortgage Bailout Numbers Improve Slowly, But the Real Test is Ahead
CNBC, Sept. 18, 2020–Diana OlickMortgages in active forbearance programs, where borrowers delay their monthly payments for at least three months, declined by 26,000 last week or 0.7%, according to Black …
Nearly 11 Million Households Missed Mortgage or Rent Payments at Pandemic’s Outset–Study
Mortgage Professional America, Sept. 18, 2020–Ryan SmithNearly 11 million households fell behind on their mortgage or rent payments during the first three months of the COVID-19 pandemic, according to a …
SCOTUS Sets Facebook Inc. v. Duguid Oral Arguments
ACA News, Sept. 17, 2020The court will hear arguments in the case, focused on the definition of an autodialer under the TCPA, in December. (MBA mention)https://www.acainternational.org/news/scotus-sets-facebook-inc-v-duguid-oral-arguments
Fed Details New Round of Big-Bank Stress Tests
Wall Street Journal, Sept. 17, 2020–Andrew Ackerman (subscription)The Federal Reserve will analyze large banks’ ability to withstand two coronavirus-related recession scenarios as part of a second round of stress tests …